Sample Paper Accountancy Part A (PARTNERSHIP & COMPANY ACCOUNTS) for class 12, CBSE.

Sample Paper
Class XII
Subject- Accountancy

PART  A

(PARTNERSHIP & COMPANY ACCOUNTS)

Q1. What is the nature of Receipts & Payments Account?                                                                (1)

Q2. A and B are partners sharing profits in the ratio of 2:1.  C is admitted for 1/4^th share. Calculate

new and sacrificing ratio.                                                                                                             (1)

Q3. Name the two items that would appear in credit side of Partner’s Capital account when capitals

are fixed.                                                                                                                                      (1)

Q4. How is provision for doubtful debt treated at the time of dissolution of firm?                          (1)

Q5. State any two purposes for which Securities Premium A/c can be utilized.                                (1)

Q6. How will you deal with the Donation while preparing the final accounts for the year ending on

31/3/08 in each of the following cases:                                                                                        (3)

• During the year 2007-08, donation received Rs.50,000 and it is treated as capital item as

per the policy of the club.

• During the year 2007-08, donation received Rs.50,000 and 60% of the donation is to be capitalized as per the policy of the club.

Q7. 500 shares of Rs.100 each issued at a discount of 10% were forfeited for non-payment of allotment money of Rs.50 per share.  The first and final call of Rs.10 per share on these shares  was not made.  The forfeited shares were reissued at Rs.80 per share fully paid up.  Journalise.(3)

Q8. A company redeemed its Rs.2,00,000 debentures at 10% premium out of profits.  The company has sufficient profits for the purpose.  Pass necessary journal entries.                                       (3)

Q9. A, B and C are partners sharing profits and losses in the ratio 5:3:2. Their capital on 1/1/09 were Rs.1,00,000, Rs.80,000 and Rs.60,000 respectively.  They withdrew Rs.500 each on first day of every month.  According to their partnership agreement they are allowed interest on capital @ 5% and charged interest on drawings @ 6% per year.  The profits for the year 2009 as per Profit and Loss A/c amounted to Rs.1,50,000 out of which Rs.10,000 were transferred to General Reserve.  A and B were entitled to a salary of Rs.2,500 and Rs.2,000 per year and C is entitled to a commission of 5% on net divisible profit after charging such commission.  Prepare  Profit and Loss Appropriation A/c and show your workings clearly.                                          (4)

Q10. P, Q and R were sharing profits in the ratio of 5:3:2.  They decided to share future profits in the  ratio of 2:3:5 with effect from 1/4/2009.  They decided to record the effect of the followin without affecting the book value of Profit & Loss A/c (Cr.) Rs.24,000 and Advertisement  Suspense A/c Rs.12,000. Pass the necessary adjusting entry.

Q11. XYZ Ltd. purchased sundry assets worth Rs.3,81,000 and assumed liabilities of Rs.81,000 from ABC Ltd.  The purchase consideration was agreed at Rs.2,80,000.  The amount was to be paid by 8%debentures of Rs.100 each at a premium of 25%.  Give necessary journal entries.

Q12. X Ltd. Issued 2,00,000 shares of Rs.10 each payable as Rs.2.50 on application (on 1/1/09), Rs.2.50.on allotment ( on 1/4/09), Rs.3 on first call ( on 1/7/09) and Rs.2 on second & final call (on 1/10/03).  All the shares were subscribed and all the sums were duly received. Amit,  a shareholder, who had 1,000 shares paid the amount of first and second calls with the allotment.  Whereas Sumit, another shareholder, paid the amount of first call with the second call. Company  adopted Table A for interest on calls in arrears and calls in advance.  Pass necessary journal  entries.

Q13. From the following Receipts & Payments A/c of a club and adjustments prepare Income & Expenditure A/c and Balance Sheet as on 31/12/09:

Additional information:

• The club had received Rs.20,000 for subscription in 2008 for the year 2009.
• Salaries had been paid for 11 months only.
• Stock of sport equipment on 31/12/08 was Rs.3,00,000 and on 31/12/096,50,000.

Q14. X and Y are two partners sharing profits & losses equally.  Give the journal entries at the time of

dissolution in the following cases:

• Deferred revenue advertising expenses appeared at Rs.30,000.
• Realisation expenses paid by the firm amounted to Rs.1,500 and partners have agreed to bear the realization expenses.
• Profit and Loss A/c was appearing on the asset side of balance sheet at Rs.40,000.

Q15. A and B are partners of a firm.  They admit C for 1/3^rd share.  Their Balance Sheet as on 31/03/09 was as under:

On C’s admission it was agreed:

• C should bring Rs.1,00,000 as capital and Rs.5,000 as his share of goodwill.
• Goodwill appearing in the books should be written off.
• Provision for loss on stock and provision for bad debts is to be made at 10% and 5% respectively.
• The value of building is to be taken at Rs.50,000.

Total capitals of the firm has been fixed at Rs.3,00,000 and Partners Capital A/cs are to be adjusted in the profit sharing ratio.  Any excess is to be transferred to current a/cs and deficit is to be brought in cash.

OR

The Balance Sheet of X,Y and Z who shared profits in the ratio of 4:3:2 as on 31/03/200 was as follows:

Y retired on the above date and it was agreed that:

• Stock to be depreciated by 5% and building be appreciated by 5%.
• A provision of Rs.320 be made for legal charges.
• Goodwill of the firm is valued at Rs.14,400 but no goodwill account is to be raised.
• X and Z to share future profits in the ratio 5:3.
• Y to be paid Rs.5,000 in cash and balance to be transferred to his loan account.

X and Z to maintain their capitals in the new profit sharing ratio and to bring in or withdraw cash for the purpose.  Capital of the new firm be fixed at Rs.28,000.  Prepare ledger accounts and balance sheet of the firm after Y’s retirement.

Q16. X Ltd. was registered with a nominal capital of Rs.2,00,000 divided into 2,000 equity shares of Rs.100 each.  1,000 shares were issued as fully paid to the vendors for purchase of fixed assets.  The remaining 1,000 shares were offered for public subscription at a premium of Rs.5 per share payable as Rs10 per share on application, Rs.25 per share (including premium) on allotment, Rs.40 per share on first call and Rs.30 per share on final call.  Applications were received for 900 shares which were duly allotted.  At the time of the first call,  a shareholder who held 100 shares failed to the first call money and his shares were forfeited.  These shares were reissued at Rs.60 per share, Rs.70 paid up.  Final call was not made. Pass necessary journal entries.                                                                               (8)

OR

Abhishek Ltd. invited applications for 50,000 shares of Rs.10 each at a discount of Rs.2 per share payable as Rs.2 on application, Rs.3 on allotment, Rs.2 on first call and Rs.1 on final call.  Applications were received for 70,000 shares.  Allotment was made as under:

To applicants of 10,000 shares    –      in full

To applicants of 20,000 shares    –      15,000 shares

To applicants of 40,000 shares    –      25,000 shares

The shares were fully called and paid up except amounts on allotment, first and final call not paid by those who applied for 2,000 shares out of group applying for 20,000 shares.  These shares were forfeited and 1,200 of these shares were reissued @ Rs.7 per shares.  Journalise.

PART B

(ANALYSIS OF FINANCIAL STATEMENTS)

Q17. Name two parties who may be interested in analysis of financial statements.                          (1)

Q18. How will you treat increase in share capital while preparing cash flow statement as per AS-3

(revised)?                                                                                                                                   (1)

Q19. What are the two major inflow and outflows of cash from investing activities?                      (1)

Q20. Under what heading will you classify the following items in the balance sheet of a Company? (3)

(i) Advances to suppliers           (ii) Goodwill               (iii) Deposit with Custom Authorities

(iv)Debenture Suspense A/c      (v) Acceptances          (vi) Provision for Provident Fund

Q21. From the Balance Sheets as on 31^st March 2008 and 2009, prepare the Comparative Balance Sheet:

Q22. Total sales of a company is Rs.8,00,000 and cash sales is Rs.70,000.  Average collection period is

25 days, calculate the amount of debtors that will appear in the Balance Sheet.                      (4)

Q23.From the following Balance Sheets of X Ltd, prepare Cash Flow Statement:                          (6)

Additional information:

• Preference Shares were redeemed on 31/3/07 at premium of 10%.
• Dividend at 12% was paid to Equity shares for the year 2006.
• Depreciation provision stood at Rs.1,00,000 and Rs.1,50,000 on 31/03/06 and 31/03/07.